Free cash flow remains deeply negative at -$159.4M in 2026Q1, highlighting a significant reliance on external financing to sustain operations despite the reported $805.4M net income.
| Cash from Operations | -401.19M | -283.19M | -105.68M | -78.81M | -44.7M | -26.54M | -12.01M | -7.72M |
| Operating CF Margin % | - | -217.81% | -245.36% | -357.55% | -401.56% | -1264.27% | - | -3860.5% |
| Operating CF Growth % | -1084.75% | -167.96% | -34.1% | -76.32% | -68.44% | -121.01% | -55.51% | - |
| Net Income | 277.09M | -601.26M | -331.65M | -157.77M | -48.51M | -106.19M | -15.42M | -8.93M |
| Depreciation & Amortization | 108.64M | 73.68M | 18.65M | 10.38M | 5.6M | 2.55M | 1.4M | 403K |
| Stock-Based Compensation | 374.04M | 312.03M | 106.88M | 69.74M | 31.46M | 7.75M | 1.22M | 859K |
| Deferred Taxes | -36.08M | -44.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 203.29M | 41.88M | 113.63M | 11.45M | -30.75M | 69.56M | 115K | 436K |
| Working Capital Changes | -134.75M | -64.64M | -13.19M | -12.61M | -2.5M | -202K | 678K | -493K |
| Change in Receivables | -61.65M | -37.67M | 1.61M | -8.18M | -1.51M | -317K | -290K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.47M | -7.64M | -601K | 2.19M | 1.06M | 763K | 96K | 0 |
| Cash from Investing | -2.26B | -2.1B | 82.73M | 68.77M | -309.06M | -213.78M | -11.68M | -3.34M |
| Capital Expenditures | -20.17M | -16.42M | -17.99M | -13.7M | -9.34M | -7.78M | -10.03M | -2.42M |
| CapEx % of Revenue | 10.78% | 12.63% | 41.77% | 62.17% | 83.87% | 370.8% | - | 1209% |
| Acquisitions | 0 | 0 | -15.45M | 0 | -848K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -354.88M | -92.2M | -5.58M | -5.85M | -3.23M | -2.24M | -1.64M | -924K |
| Cash from Financing | 3B | 3.36B | 41.69M | 1.76M | 1.1M | 603.23M | 276K | 62.22M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 3.32B | 3.31B | 41.45M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -322.11M | 46.06M | 238K | 1.76M | 1.1M | 603.23M | 276K | 62.22M |
| Net Change in Cash | 336.15M | 980.91M | 18.76M | -8.29M | -352.66M | 362.9M | -23.41M | 59.53M |
| Free Cash Flow | -424.75M | -299.6M | -129.25M | -98.36M | -57.26M | -36.56M | -23.68M | -10.14M |
| FCF Margin % | -227% | -230.44% | -300.08% | -446.24% | -514.44% | -1741.83% | - | -5069.5% |
| FCF Growth % | -202.69% | -131.8% | -31.41% | -71.77% | -56.62% | -54.38% | -133.58% | - |
| FCF per Share | -1.14 | -1.07 | -0.61 | -0.49 | -0.29 | -0.19 | -0.12 | -2.54 |
| FCF Conversion (FCF/Net Income) | -1.53x | 0.55x | 0.32x | 0.50x | 0.92x | 0.25x | 0.78x | 0.86x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High R&D Burn Rate
As reported in financial statements, IonQ's operating cash flow consistently trails net income, with the 2026Q1 period showing a massive $805.4M net income figure that contrasts sharply with a $151.0M operating cash outflow, highlighting a significant disconnect between accounting profits and actual cash generation.
The divergence between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash items, likely including warrant revaluations or other accounting adjustments. Investors should monitor this gap closely, as it implies that the company's reported profitability does not yet translate into a self-sustaining operational model.
Based on IonQ's reported figures, free cash flow remains deeply negative, with quarterly outflows reaching as high as $159.4M in 2026Q1, indicating that the company's current growth trajectory is entirely dependent on external capital rather than internally generated cash from its quantum computing operations.
The consistent FCF burn suggests that the company is in a heavy investment phase where capital expenditures and operating costs far exceed revenue inflows. This trend warrants further investigation into whether the company can achieve a pivot toward positive cash flow before its current liquidity buffer is exhausted.
According to recent SEC filings, IonQ's capital expenditure intensity has fluctuated significantly, with the CapEx-to-revenue ratio reaching as high as 117.2% in 2023Q4, reflecting the substantial costs required to build and maintain high-fidelity trapped-ion quantum hardware systems.
The high level of capital spending relative to revenue suggests that the company is still in the process of scaling its physical infrastructure. While these investments are necessary for technical progress, they represent a significant drag on cash flow that may persist until the company achieves greater manufacturing scale.
As indicated by the quarterly cash flow data, IonQ has experienced recurring negative working capital changes, including a $71.6M outflow in 2026Q1, which suggests that the company's rapid scaling is creating significant pressure on its cash conversion cycle and operational liquidity.
The persistent negative working capital changes may indicate that the company is building inventory or experiencing delays in collecting payments from large-scale government or enterprise contracts. This trend appears to be a structural feature of the company's current growth phase and warrants careful monitoring by stakeholders.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $128.5M in 2026Q1, serves as a major non-cash add-back that obscures the true extent of the company's operational cash burn and reliance on equity-based incentives to retain specialized engineering talent.
The reliance on stock-based compensation suggests that the company is managing its cash burn by compensating employees with equity, which effectively dilutes shareholders. Investors should consider this as a hidden cost of operations that is not fully captured by looking at operating cash flow alone.
Quick answers to the most common questions about buying IONQ stock.
IonQ, Inc. (IONQ) generated $-283.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
IonQ, Inc. (IONQ) reported negative free cash flow of $299.6M in 2025, indicating capital requirements exceeded cash from operations.
IonQ, Inc. (IONQ) spent $16.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.